Small Business Owner
Small business owners run their own business, selling products or providing a service.
Tasks & duties
Small business owners may do some or all of the following:
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prepare and review business plans and annual budgets
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sell goods or services and collect payment or arrange credit
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analyse the market to decide when to introduce new products or services
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ensure prices are competitive
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market and promote goods or services
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monitor cash flow and debts
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keep a record of sales and orders
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order stock and replace equipment
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hire and train staff
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process government taxes and levies
Skills & knowledge
Small business owners need to have:
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knowledge of common business set-up problems
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knowledge of market values and trends
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knowledge of business management systems
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an understanding of legal requirements for business owners including health and safety, employment and government regulations
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business skills including marketing, management and administrative skills
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organisational ability
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communication skills
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financial, budgeting and accounting skills
Entry requirements
To become a small business owner you need to research the industry you intend to work in to ensure there is enough demand for your product or service. You also need to complete a business plan and have good financial backing.
Tertiary education
Retail, management and business courses may be useful.
Training on the job
Small business owners may attend business seminars, short courses and industry conferences.
Useful experience
Useful experience for small business owners includes work in business management, sales or marketing.
Related courses
Business Management
For more information, please refer to Career Services.
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